机械设备周报：关税政策变化下，关注内需、国产替代、出口局部完善等板块-2025-04-07

Investment Rating - The report maintains an "Outperform" rating for the mechanical equipment sector [5]. Core Insights - The recent changes in U.S. tariff policies are expected to impact exports and the overall industry in the short term, but the long-term trend of manufacturing development remains unchanged. The new tariffs, effective from April 5 and April 9, are anticipated to affect global demand, but the impact on China's manufacturing sector is limited due to low exposure to U.S. markets and strong domestic demand [2][5]. - Key sectors to focus on include engineering machinery, humanoid robots, coal chemical equipment, deep-sea technology, and domestic substitution [2][5]. Summary by Sections Market Performance - The mechanical equipment sector experienced a decline of 6.68% this week, ranking 25th among the Shenwan industry classifications. The sub-sectors of machine tools, textile and apparel equipment, and printing and packaging machinery saw significant drops [1][12]. Key Recommendations - The report highlights the importance of monitoring sectors such as sensors, screw rods, and reducers, which have substantial value and barriers to entry. It also emphasizes the progress in humanoid robot manufacturing and the potential opportunities arising from technological advancements [22][52]. - The engineering machinery sector is identified as having a clear turning point, with expectations for rapid growth in domestic sales in 2025. The report suggests that policies to boost domestic demand may strengthen further, while the impact of U.S. tariffs on exports is expected to be minimal [5][61]. Humanoid Robots - The collaboration between Zhiyuan and Physical Intelligence is expected to accelerate the development of humanoid robots, with recent advancements in their walking capabilities being highlighted. The report suggests that the humanoid robot industry will be a key focus for the next decade [51][52]. General Automation - The manufacturing PMI for March was reported at 50.5, indicating expansion, with new orders and production indices also showing positive trends. The report suggests that policies aimed at economic stimulation will likely continue, benefiting the machine tool sector [20][25]. Engineering Machinery - The report notes that the engineering machinery sector is showing positive trends in both domestic and export sales, with a significant year-on-year increase in excavator sales. It emphasizes the importance of monitoring tariff impacts and the ongoing recovery of the sector [61].